You don't want to be nosy. And you're not trying to pull anything over on Mom and Dad. But you need to know these basic facts just in case they need your help at some point.
The good news is, people are living longer. So your parents may live happy, productive lives into their 80's and beyond. The bad news is, people are living longer. So you may some day find yourself caring for your kids, trying to plan for retirement and dealing with your parents' finances at the same time.
It's important to ask Mom and Dad the right questions now, if you want to avoid financial "surprises" in the future.
- Do you have a list of your assets and debts? Your parents may not want to share the actual numbers, but you'll want to encourage them to make a list including all bank accounts, real estate holdings, annuities, brokerage accounts and insurance policies. The debt list should include mortgages, business loans and credit card debt. Both lists should provide complete information on where the associated paperwork can be found.
- Do you have a will and/or a trust? If so, where are they kept?
- What types of insurance do you have? It's important to know how to locate any health, long-term-care, disability and life insurance policies.
- Have you signed a power of attorney and a health-care directive? With these documents in place, you can be sure your parents' wishes are carried out.
Nobody likes to think about disability, death or catastrophic illness. But it's a lot easier to deal with these subjects before a crisis situation develops. Sharing key information ahead of time will help everyone rest easy, knowing there's already a plan in place.
Sun East has two important resources available to members.
For information about directives, wills, and powers-of-attorney, members can contact James W. Pearson, Esq. at (610) 566-2666 or (215) 735-3969.
For information about long-term care and financial planning, contact your MEMBERS Financial Services Representative, at (610) 485-2960 or (800) 451-4204, ext. 259.
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